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Tag Archives: european central bank
Here’s What Happens When Central Banks Go Broke
Here’s What Happens When Central Banks Go Broke On Friday, in “Is Mario Draghi About To Go Full-Kuroda? RBS Says ECB Could Buy Stocks,” we took a closer look at what the ECB’s options are when it comes to implementing further easing measures come December. As a reminder, Mario Draghi telegraphed either another depo rate […]
The Bond Crisis & 2015.75
The Bond Crisis & 2015.75 Some people have wrongly expected a crash in the long bonds. What has actually happened is that China and others have sold into the high, liquidating their long bonds, and moving short-term. This is why rates are negative on the short-end. The CRASH comes in the opposite direction this time. […]
Visualizing The Demise Of The Once Mighty Euro
Visualizing The Demise Of The Once Mighty Euro The European Union has always been primarily a political project. The idea of the union was to take peoples that had long and complicated histories, and to place them in a situation where they must work together and shed their differences in order to achieve success. From the […]
Goldman Warns On Limits Of Central Bank Policy: “The Road To Hell Is Paved With Good Intentions”
Goldman Warns On Limits Of Central Bank Policy: “The Road To Hell Is Paved With Good Intentions” Back in May, we noted that minutes from the ECB’s April 14-15 policy meeting seem to reveal that the central bank is either obtuse or else suffering from a frightening bout of willful ignorance. Here’s are the excerpts which led […]
If You Cannot Tell the Truth, Hide the Truth
If You Cannot Tell the Truth, Hide the Truth The motto of the ECB is plain and simple: why reform when we still have some power? Governments will fight until the last drop of blood is spilled; they assume it will be your blood, not theirs. We will see the opposite of transparency unfold along […]
Currency Wars, Battles, And Hostile Actions
Currency Wars, Battles, And Hostile Actions With its recent miniscule 2% devaluation of the Yuan, media pundits noted that China had now also entered into the global currency war. What this comment implies is that other countries with the ability to issue or print their own currency, including the U.S., have been participating in a […]
Is Catalonia About to Go All In?
Is Catalonia About to Go All In? An extremely high-stakes game of political poker, not just for Catalonia and Spain but for Europe. For a nation that doesn’t officially exist, Catalonia sure knows how to throw a national-day party. September 11, approximately 1.4 million people filled the streets of the region’s capital, Barcelona (urban population: […]
Europe’s Biggest Bank Dares To Ask: Is The Fed Preparing For A “Controlled Demolition”
Europe’s Biggest Bank Dares To Ask: Is The Fed Preparing For A “Controlled Demolition” Why did we focus so much attention yesterday on a post in which the IMF confirmed what we had said since last October, namely that the BOJ’s days of ravenous debt monetization are coming to a tapering end as soon as 2017 (as […]
Global Economic Fears Cast Long Dark Shadow On Oil Price Rebound
Global Economic Fears Cast Long Dark Shadow On Oil Price Rebound After bouncing around, oil prices finished off the week with just a bit less volatility than when it started the week. WTI stayed at around $46 per barrel as of midday on September 4, with Brent holding at $50 per barrel. Aside from supply […]
Whitewashing the IMF’s Destructive Role in Greece
Whitewashing the IMF’s Destructive Role in Greece This autumn may see anti-austerity coalitions gain power in Portugal, Spain and Italy, while Marine le Pen’s National Front in France presses for outright withdrawal from the eurozone. These countries face a common problem: how to resist the economic devastation that the European Central Bank (ECB), European Council […]
EU Aims to Lure Greek Deposits Back to Banks With Bail-in Shield
EU Aims to Lure Greek Deposits Back to Banks With Bail-in Shield Euro-area finance ministers shielded Greek bank depositors from any losses resulting from the restructuring of the nation’s financial system, as part of Friday’s deal on an 86 billion-euro ($96 billion) bailout. Senior bank bondholders will be in the crosshairs if Greek lenders tap […]
